Capital One Cash Back Gold MasterCard credit card reviews

The Capital One Cash Back Gold MasterCard is an excellent choice for clients who want to earn rewards. The interest rate on purchases and balance transfers is 19.8 percent per year. The rate on cash advances is in the same percentage. Clients get up to 1 percent cash back and the superb annual fee of…zero dollars! Moreover, there is no cash back limit, i.e. no limit on the amount of cash you can get back on purchases. If you carry a low monthly balance or none and earn at least 30,000 Canadian dollars per year, this card is the best option for you. The more purchases you charge to the card, the more money you earn. Your cash back rewards will skyrocket if you add another user or get additional credit cards for free. The amount of cash you get back on net purchases is up to 1 percent.

There is no deadline to redeem rewards on the Capital One Cash Back Gold MasterCard. You can redeem rewards online or by phone, by statement credit or check. The term to get cash back is 5-7 business days if you have requested statement credit or up to 30 days for checks. Capital One is among the few banks that provide this excellent cash back option. All other banks cap rewards and let you redeem them just once a year. The only requirement to redeem rewards at Capital One is a cash rewards balance of at least $15.

Cash back applies to the total amount of net purchases made. All purchases charged to the card minus the returns, rebates, and other credits of this kind are eligible for rewards. Purchase checks, special offer checks, balance transfers, and cash advances are not eligible. No cash back is granted on finance charges and fees. Basically, the setup is the following: you get 0.5 percent cash back on the first 3,000 dollars you spend and 1 percent on all sums above $3,000. For example, if you spend $4,300 a month, you will get $500 toward your cash back.

The average Capital One Cash Back Gold MasterCard holder has good to excellent credit rating, usually pays his balance in full from month to month, and spends over $1,000 a month, or at least no less than that. Since earning rewards is key to this credit card, charging less than $1,000 a month to it renders the card unbeneficial. Also, clients with a household income of less than $30,000 per year would be wise to choose another option.

If you are not the likely applicant for this financial product, you might check the BMO CashBack MasterCard. This offer comes with no annual fee, interest rate of 19.5 percent on purchases, and low interest rate of 11.9 percent for an annual fee of just $35. Card holders earn 0.5 percent cash back on all card purchases and 1.5 percent when shopping at Alamo Rent A Car, Shell, and National Car Rental. Other beneficial features include zero liability, Purchase Protection, Extended Warranty, Identity Theft Assistance (IDefenceTM), and MasterCard PayPass. Baggage Insurance, Trip Interruption/ Cancellation Insurance, Rental Collision/ Loss Damage Insurance, Flight Delay Insurance, and Travel Accident Insurance must be purchased separately. On the positive side, card holders can get an affinity card that supports their cause.